Can a divorced couple remain on as co-trustees of a trust?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a divorced couple remain on as co-trustees of a trust?
The main asset in the trust, the house, has been sold. We would like for our sons to be the beneficiaries of any 401k, pension, stock, etc. Can we just update or amend the trust?
Asked on April 2, 2012 under Estate Planning, California
Answers:
Steven Fromm / Steven J Fromm & Associates, P.C.
Answered 12 years ago | Contributor
It is not clear whether the trust is revocable or irrevocable. In any event, having a trust as a beneficiary for retirement plans is a tricky proposition. There can be adverse income tax implications when a trust is so used. As to both of you being co-trustees that is a tough proposition if you are divorced. You really need to meet with an estates/tax attorney to explore your options in light of your particular facts and family situation.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.